Taxes are a complicated matter for a vast majority of people. Mentioning mathematics or accounting alone will have most people fleeing – add taxes to the mix and things can get ugly. Unfortunately, as the saying goes, “nothing is certain but death and taxes”. There is no escaping the long arms of the IRS, but there is also some good news – with a little help, you could take advantage of significant tax breaks, minimizing the taxes you have to pay. These include provisions in tax laws, allowing for education benefits to help pay for the college education of your children, your spouse, or even yourself.

Tax Credits

Tax credits generally reduce the income taxes you have to pay. According to the IRS, “if the credit reduces your tax to less than zero, you may get a refund.” The American Opportunity Tax Credit (AOTC) can lower your taxes by a maximum of $2,500 per eligible student every year for the first four years of education. The Lifetime Learning Credit (LLC) is worth $2,000 per year for an unlimited number of years, and can be used even for graduate and professional degrees and “courses to acquire or improve job skills.” For the AOTC, your modified adjusted gross income or MAGI must be $80,000 or less ($160,000 or less for married couples filing jointly). For the LLC, your MAGI must be less than $62,000 ($124,000 for married couples filing jointly) for a partial credit and $52,000 ($104,000 for married couples filing jointly) or less for the full credit. Note, however, that you can only avail of either the AOTC or the LLC, but not both.

Tax Deductions

Tax deductions reduce the amount of your income that is subject to tax. You can deduct tuition and other qualified higher education expenses up to $4,000 per year. The MAGI ceiling for this is $80,000 ($160,000 for married couples).

Interest Deductions for Student Loans

If your MAGI is less than $75,000, you may be eligible for a deduction for the interest you pay on a student loan (up to $2,500). A student loan is a loan you took out solely to pay for education expenses, such as tuition, accommodations, books and other supplies, equipment, and important expenses such as transportation.

Tax-Free Savings Accounts

529 plans and Coverdell Education Savings Accounts (ESAs) allow your earnings and withdrawals to be tax-free when used to pay for qualified higher education expenses.
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529 plans, in particular, have no MAGI or age restrictions, and can allow you to contribute as much as $300,000 over the life of the account. It can also cover computer technology and equipment, internet access, and related services.

ESA’s, on the other hand, can be used to pay for eligible K-12 expenses, as well as post-secondary expenses. However, it is subject to an income ceiling of $110,000 ($220,000) and an annual contribution of $2,000 per child. The beneficiary must also be under 30 years old.

Government Bonds

Series EE Bonds and I Bonds, when redeemed to pay for a child’s tuition, are also exempt from taxes on the interest earned. Said bonds must be in your name or the name of you and your spouse, not in the name of your child. As of 2012, your MAGI should be smaller than $87,850 ($139,250).

Bottom Line

As you can see, you may be able to take advantage of several tax breaks for educational expenses or certain combinations thereof. In choosing which one/s to avail of, considerations include eligibility and determining which one/s can give you the highest returns overall. To make sure you don’t miss out on the maximum education tax breaks you are entitled to when saving for the future, get the help of an expert.

Khaled Hazzouri has over 16 years of expertise in helping people reduce their taxes to the minimum allowable under tax law. Hazzouri Accounting is based in Canton, MI and is committed to serving the local community and forming lasting relationships with our clients. Call us today at (734) 844-1614 or use our contact form and we will be happy to help you with all your taxation needs.

Stop by our social media accounts to join the conversation: Facebook / Twitter / Google+

In a previous post, we discussed How You Can Benefit From Early Tax Preparation and why getting an accountant is a great help. This time around, we will enumerate the different forms you should bring to your tax appointment with your accountant to avoid any mistakes, or having to go back if you forget any requirements. However, keep in mind that these are only suggestions – different people will have different requirements. Some may not need all of the items listed here, while others may need more items not covered here.

Personal Documents and Information

Bringing your previous tax returns with you will help us determine the exact figures for your situation, including anything you may have missed in terms of what you have to pay and deductions you may not be aware of. This is especially helpful if you are a new client, and even more so if you have already raised red flags at the IRS.

Your Social Security Number (SSN) will also be needed, and those of all your dependents as well as their full names. Any alimony paid or received, childcare records (including provider’s ID number), divorce decrees, form 8332, and any other related documents should also be included. If there are other adults in your household that earned money in the previous year, you should also bring estimates of the income each of them had received.

Other Sources of Income

These may include the following:

• Unemployment
• State tax refund
• Self-employment information, including income and expense records, asset information, and office-in-home information
• Rental income, including income and expense records and rental asset information
• Retirement income, such as pension, IRA, annuity, social security and RRB
• Interest and dividend income
• Income from sales of stock or other property, including dates of acquisition and records of your cost or other information regarding sold property
• Gambling income
• Healthcare reimbursements
• Jury duty
• Hobby income
• Prizes/awards
• Any others under 1099
• Employee Information (W-2)
• IRA Information, including the amount contributed, traditional IRA basis and the value of IRAs in past year/s.

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Itemized Deductions

Make a list of any deductions you may think of, including any of the following:

• Mortgage statements such as Form 1098
• State/local income or sales taxes paid (excluding withholding taxes)
• Real estate and personal property tax records
• Vehicle sales taxes paid
• HUD statement
• Cash and non-cash donations to schools and religious and other charitable organizations
• Medical expenses
• Mileage and gas, oil, car wash, licensing, parking and toll fees in the course of charitable, medical, and business purposes
• Investment-related expenses
• Tax preparation expenses
• Employment-related expenses
• Business rent expenses
• Moving expenses
• Dependent care expenses
• Higher education expenses
• Energy efficiency upgrades to your home
• Safe deposit box, cell phone, tools, dry cleaning, luggage, travel, meals and entertainment expenses

Any Damages from a Federally Declared Disaster

This includes the location you lived, worked, or had property in that was affected by the declared disaster. You will need records showing the losses and repair costs, insurance reimbursements or claims, and FEMA assistance information.

How Hazzouri Accounting Can Help:

Getting all of these documents and information together can be the single most difficult effort on your part in preparing your 2013 tax return. Hazzouri Accounting is affiliated with and/or certified by organizations such as the MACPA, Intuit, and AICPA to provide expert advice and assistance for your tax preparation in 2014.

As with every year, the majority of Americans will overpay on their 2013 taxes. With over 16 years of experience with Canton, MI taxes, and the surrounding area, Khaled Hazzouri can help you avoid any overlooked tax breaks. Filing as early as you can will put you at an advantage over the rest of the 1.8 million people in Wayne County alone serviced by only around 1500 accounting firms, and will also mean avoiding penalties and faster processing of any refunds. For more information, or to set up your tax appointment, please visit our website / Facebook fan page or call 734-844-1614 today.

The 2014 tax season is going to be here shortly.  Employers are required to issue W-2 forms to their employees in January, but most people will put off their 2014 tax preparations until just before the April deadline.  Which is understandable as there is nothing pleasant about giving away a chunk of your hard-earned money.  However, as Benjamin Franklin said 224 years ago, “Nothing is certain except death and taxes.”  Do not delay the inevitable!  We at Hazzouri Accounting can show you why you should file your taxes early on.  We are here to guide you through the process to ensure the lowest fees, highest returns, and a stress-free tax season overall.

Maximize Deductions

Owing taxes can often come as an unplanned expense This expense can put a considerable strain on your normal budget. Preparing your return earlier means you can better plan for a potential bill.. You can also have more time to find and take advantage of any tax breaks and deductions you may be eligible for in the constantly evolving state and federal tax laws.

Avoid Penalties

Figuring out the exact amount you have to pay and paying it on time ensures that you avoid any costly penalties and interest fees on top of the taxes you may end up paying. Filing early also does not mean that you have to pay early. You can still pay later on in the season after you have made sure that everything is in order. This gives you time to make the necessary corrections before the deadline when penalties become applicable.

Waiting until the last minute to prepare everything can make you overlook tax breaks and deductions you are eligible for. Rushing can also lead to honest mistakes and typographical errors that may raise red flags at the IRS. This could lead to an IRS audit, in which case you will likely need to hire a tax resolution specialist to avoid fines.

 
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Get Help While You Still Can

The majority of Americans overpay on their taxes. Much of this is from overlooked tax breaks. Most people can avail of deductions such as financial planning and management expenses, education credit, retirement savings contribution credit, losses due to theft or destruction, charitable mileage, personal legal bills, and even hobby expenses. Hiring a professional accountant ensures that you are able to take advantage of any and all deductions you are eligible for without the risk of overstating your deductions and getting unwanted attention from the IRS.

Waiting until the last minute to hire an accountant means you compete with all the other people in your area who are trying to beat the deadline. More and more accountancy firms are unable to accept new clients the closer you get to the deadline. To put this into perspective, Wayne County alone, being the most populous county in Michigan and 18^th most populous in the country, has a population of around 1.8 million as of 2012. However, only 1,538 accounting firms are listed in the Yellow Pages at the time of writing.

If you are eligible for a refund filing early means a faster processing time. You can have your money within a few weeks. If you wait until April there is a longer line of people getting their refund which can lead to longer processing times.

Hazzouri Accounting

Hazzouri Accounting is ready to assist in your 2014 Wayne, County Michigan tax preparation. After a simple interview and review of your finances we can accurately determine your taxes and deductions. We will then file all of the necessary paperwork for your 2014 taxes.  Hazzouri Accounting is affiliated with and certified by organizations such as the MACPA, Intuit, and AICPA. Khaled Hazzouri has over 16 years of experience as CPA in the area. For more information please visit our website / Facebook fan page or call us at 734-844-1614.

The benefit of using an independent tax preparer instead of a large tax preparation chain

In the last fifteen to twenty years the proliferation of “Tax Preparation Chain” has grown a lot. The growth of these businesses can give the impression that is better to have a “brand” name preparing my taxes than going to an independent tax preparer to get your taxes done.

If you choose to have a paid tax preparer to do your taxes, it is important to find a qualified professional.  Even when someone else prepares you taxes, you are still responsible for any penalties, interest, or additional payments that may result from an error.

Unqualified tax preparers may overlook legitimate deductions or credits. This can result in a higher tax liability or they can apply a deduction or credit that does not apply to you and you would still be responsible for that error.  Please be aware that the State of Michigan does not require the tax preparer to be licensed however many are licensed and highly qualified for the job.

At the time of selecting who will do your taxes you may want to do some research using online tools, professionals organizations, state funded programs where you can find helpful information.

The independent Tax Preparer vs. the Large Tax Preparation Chain

Independent tax preparation tends to offer lower priced tax services with a focus on the personalized attention. It is also easier to build an ongoing professional relationship with them than with a large tax preparation chain. Hazzouri Accounting believes in forming lasting relationships with our clients.

We give you the opportunity to discuss your needs one on one with our staff. You can ask questions, get advice, and develop a trust and relationship.  We make the planning phase more personalized. Customer Service is another advantage of using our firm. You are not only a number – you are a person with specific individual tax needs.

A larger tax chain may not be available to you throughout the year if you have questions or need other work done. Hazzouri Accounting is in operation year round and we are always ready to answer any questions you may have.

Things to check out:

Make sure you are hiring someone with the skills level you need to prepare your taxes within the budget that you have. Here are some suggested questions you can ask before contracting someone for the job:

• What kind of formal tax training do you have?
• Do you have any licenses or professional designations?  Are you a CPA? Are you a Register Tax Preparer?
• How long have you been preparing taxes?
• Is your practice a year around one?  Are you going to be available to assit me with any problem I may have with my tax return later on?
• Do you offer e-filing as a service?
• Are you authorized to and will you represent me in an audit or collection matter with the IRS or the Michigan Department of Treasury should the situation come up?
• How do you stand behind your work?
• Can you provide me with the names of references I can contact about the quality of your work? Think about checking with the Better Business Bureau in your area for complaints about the services provided by the preparer.

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Don’t be afraid of asking questions.  It is your right and your responsibility to know and to be informed on who is providing the tax preparation services.  If you are trying to find an accountant for the coming 2014 Wayne County Michigan tax season call us today at 734-844-1614.  We are here to help.

It’s hard to believe it but 2013 is already starting to wind down. In just a few short days we will be into October and before you know it the year will be turning over into 2014. Then it will become everyone’s favorite time of the year – tax time! Preparing before the crunch can take the stress out of ordeal. Here is a list of the documents you will need to have at the ready to complete your Wayne County, Michigan taxes in 2014. If you are located in Michigan and are looking for a certified public accountant to handle your individual or business taxes give us a call at 734-844-1614 to learn how we can help.

Documents you should have to file your taxes in 2014:

Income paperwork:

• W2 forms
• Interest Income
• Retirement Income
• Dividends
• Misc income, self-employment
• Social security income
• Government payments

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Paperwork for deductions:

• Mortgage interest
• Tuition
• Student loans

Receipts for deductions:

• Donations to charity
• Mileage for work/volunteering
• Health care expenses
• Retirement contributions
• Self employment income/expenses (Home office, advertising, et cetera)
• Energy efficient home improvements
• Moving expenses
• Rental property
• Childcare expenses

This is a quick list of the items you should bring to your accountant when filing your tax returns. If you would like to speak in more detail or have specific questions please contact us at 734-844-1614 and we will be happy to answer all of your questions. If you have a tax question that you would like us to explain in detail stop by our Facebook fan page wall and leave us a comment. We look forward to helping!